In Bangladesh, as in all developing countries, agriculture1 plays a critical role in ensuring food security. It is a special sector as it has a universal role for providing food, a basic need for the survival of mankind. It also nurtures deeply cherished traditions, cultural heritage and social stability over time. But, agriculture sector is subject to high degree of risks caused by weather shocks, natural disaster and volatility of international prices of food and fertilizers. All these factors make medium and long term strategic business planning for agriculture all the more important given its sensitivity and implication in socio-economic progression of the developing countries. It is a very difficult as well and demands prudent and coherent thought process. Bangladesh with the seventh largest population size in the world and very high population density is basically an agrarian economy. Despite a declining trend of its share in overall gross domestic product (GDP) from 31.2 percent in 1985-86 to about 20 percent in 2010-11 mainly due to rapid expansion of industry and service sectors, agriculture remains the major source of income for the rural poor in Bangladesh. About 70 percent of the rural population and 48 percent of total labor force depend on agriculture and related farm and non-farm activities for their livelihood. Improvement in agricultural sector performance and sustaining its growth are critical from food security point of view as well as for reduction of rural poverty and unemployment.